As several have predicted the case, Social Security’s trust funds are running short as about 79% of its promised benefits will be payable by 2035. This has lead lawmakers and social security experts to explore ways to restore the program’s capital structure for current and incoming beneficiaries.
One option the two have discussed is increasing the age for those to be eligible for full benefits. The current age to receive social security benefits early is 62, which is at a reduced payment.
The last time social security benefits saw a change was in 1983 when its funds were being questioned.
At this time, however, there are no plans to change the retirement age. It is still in the discussion phase, but President-elect Joe Biden’s platform does call for a social security reform.